Business & Tech
Forever 21 In Center City Philly Closing Amid Bankruptcy Filing
Forever 21 announced it has filed for Chapter 11 bankruptcy in a letter to customers on Sept. 29, but said it is not going out of business.
PHILADELPHIA — Nearly 180 Forever 21 locations are closing as the teenage clothing store announced it is filing for Chapter 11 bankruptcy.
Among those numerous stores that are closing is a Philadelphia location.
The Forever 21 in Center City — 1708 Chestnut St. — is one of the many shuttering its doors.
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Forever 21 announced the filing in a letter to its customers on Sept. 29.
While it is filing for bankruptcy, it said it wasn't going out of business.
Find out what's happening in Philadelphiafor free with the latest updates from Patch.
The filing is a "deliberate and decisive step to put us on a successful track for the future," according to the letter.
Forever 21 currently operates dozens of Pennsylvania locations, including stores at the Oxford Valley Mall, Philadelphia Mills, Willow Grove Park, Montgomery Mall, King of Prussia, and more.
Forever 21 saw its revenue decrease to $3.3 billion last year, which is down from the $4.4 billion in 2016, according to the New York Times. The company has also laid off more than 10,000 people since 2016.
With reporting by Kara Seymour
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